Neuberger Berman Group LLC Invests $259,000 in OFG Bancorp $OFG

Neuberger Berman Group LLC bought a new stake in shares of OFG Bancorp (NYSE:OFG) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 6,058 shares of the bank’s stock, valued at approximately $259,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quarry LP raised its stake in OFG Bancorp by 458.9% during the first quarter. Quarry LP now owns 2,666 shares of the bank’s stock valued at $107,000 after purchasing an additional 2,189 shares in the last quarter. Smith Shellnut Wilson LLC ADV bought a new stake in shares of OFG Bancorp in the 2nd quarter worth about $209,000. Vident Advisory LLC bought a new stake in shares of OFG Bancorp in the 1st quarter worth about $210,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of OFG Bancorp during the 2nd quarter valued at about $218,000. Finally, Magnetar Financial LLC purchased a new stake in shares of OFG Bancorp during the 2nd quarter valued at about $232,000. 92.73% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at OFG Bancorp

In other news, Director Jorge Colon sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $40.85, for a total transaction of $1,021,250.00. Following the transaction, the director directly owned 27,543 shares of the company’s stock, valued at approximately $1,125,131.55. This trade represents a 47.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jose Rafael Fernandez sold 25,232 shares of OFG Bancorp stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $40.95, for a total transaction of $1,033,250.40. Following the sale, the chief executive officer directly owned 184,675 shares of the company’s stock, valued at $7,562,441.25. This represents a 12.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 55,000 shares of company stock valued at $2,247,747 in the last quarter. 3.11% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts recently commented on OFG shares. Keefe, Bruyette & Woods dropped their price target on OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating for the company in a research report on Thursday, October 23rd. Truist Financial dropped their target price on OFG Bancorp from $50.00 to $48.00 and set a “buy” rating for the company in a report on Thursday, October 23rd. UBS Group set a $50.00 target price on OFG Bancorp in a research report on Thursday, October 9th. Zacks Research upgraded OFG Bancorp to a “hold” rating in a research report on Friday, October 10th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of OFG Bancorp in a research note on Tuesday. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $47.17.

OFG Bancorp Price Performance

OFG opened at $39.73 on Friday. The business has a fifty day moving average of $41.12 and a 200 day moving average of $42.40. The stock has a market cap of $1.75 billion, a P/E ratio of 9.03 and a beta of 0.84. The company has a quick ratio of 0.87, a current ratio of 0.85 and a debt-to-equity ratio of 0.33. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $46.54.

OFG Bancorp (NYSE:OFG) last released its earnings results on Wednesday, October 22nd. The bank reported $1.16 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.16. OFG Bancorp had a return on equity of 15.18% and a net margin of 22.26%.The business had revenue of $186.18 million for the quarter, compared to analyst estimates of $186.71 million. During the same quarter last year, the firm posted $1.00 earnings per share. The business’s revenue was up 5.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, December 31st. OFG Bancorp’s dividend payout ratio (DPR) is currently 27.27%.

OFG Bancorp Profile

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.